What LIKE-KIND EXCHANGE means: An exchange of property held for productive use in a trade or business or for investment (except inventory and stocks and bonds) for property of the same type. Unless different property is received (called boot), the exchange is nontaxable in the current year. Any gain or loss is not recognized until the property received in the exchange is sold or disposed of. Like-kind exchanges are reported on Form 8824.
- Definition Lessor:
- Dictionary One who rents property to another. In the case of real estate, the lessor is also known as the landlord like-kind exchange definition.
- Definition Lessee:
- Dictionary One who rents property from another. In the case of real estate, the lessee is also known as the tenant like-kind exchange explain.
- Definition Legally Separated:
- Dictionary Separated under a decree of separate maintenance that requires the spouses to live apart like-kind exchange what is.
- Definition Last In, First Out (LIFO):
- Dictionary method for valuing inventories for tax purposes. Under this method, the last items purchased are treated as being the first items sold. Ending inventory is valued using the cost of the items with the like-kind exchange meaning.
How works Like-Kind Exchange meaning in Tax definitions L .
